MANILA: The Association of Southeast Asian Nations (ASEAN) is to sign a free-trade agreement with Hong Kong in November, a Philippine government official said Saturday, following three years of talks.
The Chinese special administrative region began free-trade negotiations with ASEAN in 2014, four years after the 10-nation economic bloc signed a similar trade deal with China in 2010.
Hong Kong also completed negotiations on an investment pact with ASEAN, said Philippine Trade Undersecretary Ceferino Rodolfo.
“This would... send a positive signal for the international community of ASEAN’s resolute commitment to free trade and open markets,” Rodolfo told reporters.
He gave no details of the two agreements, which dealt with lowering import duties and cutting barriers to investment.
The agreement was reached as ASEAN economic ministers held a dialogue in Manila Saturday with Hong Kong government officials.
ASEAN, an economic bloc with a combined population of more than 600 million, is Hong Kong’s second-largest trading partner after mainland China, according to the territory’s Trade and Industry Department website.
Hong Kong also acts as an important entrepot for trade between mainland China and ASEAN, an economic grouping made up of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
It has remained a separate customs entity from mainland China since the city’s 1997 handover by Britain.
ASEAN members have established a free-trade area among themselves aiming to slash tariffs on most goods to zero and minimize non-tariff barriers. They have also signed free-trade deals with key trading partners such as Japan and China.
Rodolfo said the Hong Kong deals are to be signed in November, when the Philippines hosts an ASEAN summit.
ASEAN also has free-trade deals with India, Australia and New Zealand, and South Korea.
ASEAN to sign Hong Kong free-trade deal in November
ASEAN to sign Hong Kong free-trade deal in November
PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025
RIYADH: Saudi Arabia’s Public Investment Fund-backed AviLease achieved exceptional performance and sustainable business growth during 2025, supported by the strategic expansion of its global platform.
According to its financial results for 2025, AviLease recorded total revenues of $664 million, an annual increase of 19 percent, driven by disciplined growth in its asset portfolio and strong performance in aircraft remarketing amid sustained global demand for modern, fuel-efficient aircraft, the Saudi Press Agency reported.
Profit before tax doubled compared to the previous year, reaching $122 million. The year witnessed an expansion in AviLease’s portfolio, reaching 202 owned and managed aircraft, leased to over 50 airline companies in more than 30 countries.
The total value of the company’s assets stabilized at $9.3 billion. AviLease maintained a 100 percent fleet utilization rate, reflecting the resilience of its business model, the efficiency of its asset management, and the strength of its strategic relationships with airlines around the world.
AviLease concluded purchase agreements for aircraft from Airbus, including the A320neo family and A350F, and Boeing 737 aircraft, aiming to enhance its future asset portfolio with modern, fuel-efficient aircraft. This step will contribute to supporting future growth and meeting increasing customer demand for the latest aircraft, aligning with the Kingdom’s ambitions to become a leading global aviation hub.
AviLease strengthened its prestigious credit standing by obtaining a strong Baa2 credit ratings from Moody’s and BBB from Fitch, reflecting its financial solidity, managerial discipline, and efficiency in managing leverage. The company also successfully issued senior unsecured bonds worth $850 million last November under Regulation 144A/RegS. This issuance contributed to diversifying its funding sources and enhancing its financial flexibility.
Commenting on the results, AviLease CEO Edward O’Byrne said: “This exceptional performance reflects the quality of the company’s investment portfolio, the strength of its partnerships with airlines, and its strategic focus on responsibly deploying capital into highly sought-after, efficient, modern aircraft assets.”
He added: “As aviation markets continue to grow, AviLease is strategically positioned to continue its expansion plans and deliver sustainable long-term value for shareholders, contributing to the Kingdom’s ambitions.”
Throughout 2025, AviLease continued to play a pivotal role in the Kingdom’s growing aviation sector and contributed directly to the launch and scaling of the new national carrier, Riyadh Air, by completing a sale and leaseback transaction for a Boeing 787-9 aircraft, which thereby became the first aircraft to join the airline’s fleet.
AviLease also established a strategic partnership with Hassana Investment Co. This partnership aims to provide an opportunity for local and international investors to enter the aircraft financing asset class and benefit from AviLease’s technical expertise and operational capabilities to support partnership growth and enhance performance.
Hassana Investment Co. has agreed to acquire an initial portfolio of 10 modern aircraft from AviLease.
